As the name suggests, marks the daily close on your chart. The chart you are viewing should of course be of a lower time frame. You can change it from daily (D) to any other time frames e.g. weekly (W) or 4H (240). Orange diamond appears instead of arrow if there is absolutely no change (Open == Close).
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.